Assume General City has the following information available:

General City Comptroller goes to the bank and asks for a $2,500,000 not to finance a government operation in advance of collecting the first property tax installment
Collection of taxes and related interest for the previous year is as follows:
Current taxes…………………………….$1,500,000
Delinquent taxes……………………….$300,000
Interest on delinquent taxes………..$10,000
Tax liens………………………………………….$35,000
Interest on tax liens…………………………$3,000
Instructions: record the above transaction in a general journal

Question

Assume General City has the following information available:
​
General City Comptroller goes to the bank and asks for a $2,500,000 not to finance a government operation in advance of collecting the first property tax installment
Collection of taxes and related interest for the previous year is as follows:
Current taxes…………………………….$1,500,000
Delinquent taxes……………………….$300,000
Interest on delinquent taxes………..$10,000
Tax liens………………………………………….$35,000
Interest on tax liens…………………………$3,000
Instructions: record the above transaction in a general journal​
​

Quizplus · Accepted Answer

The Answer of Assume General City has the following information available:
​
General City Comptroller goes to the bank and asks for a $2,500,000 not to finance a government operation in advance of collecting the first property tax installment
Collection of taxes and related interest for the previous year is as follows:
Current taxes…………………………….$1,500,000
Delinquent taxes……………………….$300,000
Interest on delinquent taxes………..$10,000
Tax liens………………………………………….$35,000
Interest on tax liens…………………………$3,000
Instructions: record the above transaction in a general journal​
​

Assume General City Has the Following Information Available